Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us

Grab your $30 from XM

Currency Currency
by ForexNewsNow Team on November 1st, 2010

EUR/USD forex technical analysis round-up: Nov. 1

Eurusd analysisNEW YORK (Forex News Now) – As of around 7:45 A.M. GMT on Monday, the euro was trading right around 1.3966 against the U.S. dollar, its open rate for the day, in European early morning currency market trading.

This is what the analysts say about the heavily traded currency pair in the near-term:

FXstreet reported that the “EUR/USD initial upside momentum through the Asian session stalled when faced with 1.4000 psychological level, yet a recent push higher sent the price to find a new daily ceiling at 1.4010.”

The reatime forex news outlet cited “an economic report showing no signs of slowness in the Chinese manufacturing sector” as “the catalyst for a renewed risk appetite.”

Forexpros for its part predicted the pair “was likely to find support at 1.3734, Wednesday’s low, and resistance at 1.3997, today’s high.”

Forexcycle chart analysis indicated that “EURUSD may be forming a triangle pattern on 4-hour chart. Pullback is expected after touching the upper border of the pattern.”

Additional forex analysis on the site predicted that EUR/USD would find support at 1.3895, saying that “a breakdown below this level will indicate that a cycle top is being formed on 4-hour chart, then deeper decline towards the lower border could be seen.”

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))